|
Despite challenging economic times, the Washington Metropolitan area remains one of the nation’s strongest regional economies. This prosperity has generated tremendous opportunities and challenges over the last decade. Home prices and rents have risen faster than incomes, creating serious hardship for working families. Demand for high-end housing and an active for-profit development community have contributed to significant housing production at all levels, driving up land prices and fueling gentrification and displacement.
In the District, more than 24 percent of families with children live in poverty—putting children at risk of chronic hunger, stunted growth and academic failure. More than 6,000 people are homeless or in shelters on any given night. Nearly 46,000 households pay more than 50 percent of their income on housing, and three-quarters of these households have an income at or below 30 percent of the area median income. The waiting list for public housing and rental assistance exceeds 25,000 individuals and families.
We are grateful to the many partners that support our work in Washington, D.C. |
|
 |
With an Enterprise loan, residents of the Texas Avenue Apartments in Washington, D.C., were able to buy their building and keep it from being converted to market rate. Photo: Lloyd Wolf |
|
- Developing more than 700 affordable green homes meeting the Enterprise Green Communities® Criteria.
- Providing more than $12 million in grants, loans and equity to more than 20 partners as part of Enterprise’s Faith-based Development Initiative in collaboration with Georgetown University and East of the River Clergy, Police, Community Partnership, which includes more than 500 units developed or in the pipeline.
- Creating, preserving and rehabilitating more than 5,500 affordable homes in the metropolitan area for residents with low and moderate incomes, including the transformation of a distressed public housing complex into Wheeler Creek Estates, which provides affordable and market-rate homes for 314 families.
From 2009 to 2013, in Washington, D.C. metro area, Enterprise will:
- Preserve or produce 5,500 quality, affordable homes.
- Commit $325 million in loans and equity to help community-based nonprofits and mission-aligned for-profits increase affordable housing inventory.
- Invest $300,000 to support D.C. resident groups that want to exercise their “first right to purchase” and save their affordable housing from becoming more expensive market-rate housing.
- Provide expertise, grants and loans to support the implementation of the D.C. Green Building
- Continue to train the faith community around community development topics and support their efforts to create and preserve affordable housing.
On Friday, April 17, 2009, Enterprise joined its partners the National Housing Trust-Enterprise Preservation Corporation (NHT/Enterprise) and Hampstead Development Group as well as residents, neighbors, elected officials and community developers to celebrate the grand reopening of R Street Apartments, a newly renovated, green affordable housing development in the Washington, D.C., neighborhood of Logan Circle. Purchased by residents through the Tenant Opportunity Act, or “first right of purchase,” R Street Apartments underwent nearly $8 million in renovations to preserve and green 124 affordable apartments.
Enterprise Community Partners Senior Vice President of Green Initiatives Dana Bourland spoke during the event’s opening ceremony and participated in the official ribbon-cutting ceremony, which also included D.C. Mayor Fenty and Ward 2 Councilmember Jack Evans among others. Media Coverage:
Wheeler Terrace Beats the Odds as one of the city’s oldest affordable housing communities built in 1947 for veterans returning from WWII meets tough green building standards. January 2009 | Affordable Housing Finance
St. Martin’s Apartments break ground. Enterprise supported with grant and LIHTC investment. November 21, 2008 | Washington Business Journal
Green Business Awards of Greater Washington. Enterprise is finalist in the Education/Outreach category. October 17, 2008 | Washington Business Journal
The Annie E. Casey Foundation
Bank of America
The Morris and Gwendolyn Cafritz Foundation
Capital One
DC Department of Housing and Community Development (DHCD)
E-Trade
Fannie Mae
Freddie Mac Foundation
Living Cities
Eugene and Agnes E. Meyer Foundation
PNC
Sun Trust
Treasury Bank /Countrywide
Unitarian Universalist Church of Fairfax
Urban Development to Key Supporters
U.S. Department of Housing
Wachovia
Washington, D.C. Profile (PDF, 137KB, November 2008)
Washington, D.C.
10 G Street, NE, Suite 450
Washington, DC 20002
Phone 202.842.9190
Fax 202.842.9191
Email David
David Bowers
Vice President and Impact Market Leader
Find us on Google Maps
|
|
